Madam, – Devising a property tax based on value sounds like an interesting challenge for those implementing it. But based on what value? Last year? But at what point? Six months ago? Six months ahead?
The most fair gauge seems to be based on the estimated average value for 2011. So, will that be 2 per cent down, 5 per cent down or 10 per cent down? And down on what? Even if the house next door sold recently, that says nothing about what your own house will sell for in three months or six months. And, if you live in some areas, your house may have no bidders – hence no value. So does that mean you will have to pay no tax? Or will the Government use the “long-term economic value” of a house, which really means the reckoning could be infinite, a bit like the bank write-offs look at the moment? – Yours, etc,